The Economic and Social Council (ECOSOC) operates as the United Nations’ (UN’s) “central platform for reflection, debate, and innovative thinking on sustainable development.” So, it’s an honor that one of our innovative thinkers, Vertex Senior Principal of Tax Compliance and Economist George Salis, is participating in an ECOSOC panel examining the tax consequences of the digitalized economy. That discussion is part of ECOSOC’s Committee of Experts on International Cooperation in Tax Matters—a busy three-day event taking place at the UN this week in New York City.
The tax consequences of the digital economy are potentially massive, of course. Numerous countries around the world are considering digital taxation measures – several already have enacted new rules. The Organization for Economic Cooperation and Development (OECD) and the European Commission (EC) recently released major pronouncements concerning their own digital economy taxation plans.
It’s important for tax leaders to keep in mind that tax authorities are actively – some even assertively – considering new ways to capture revenue in the digital era. And it’s important for policymakers and tax authorities to keep in mind that companies want to avoid being subjected to double taxation or, worse, multiple taxation.
Events like the ESOSOC conference strive for international cooperation in complex tax matters like digital taxation. We’re proud to be involved in this cooperative effort and will keep you posted on this rapidly unfolding topic.
Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information.